The growing popularity of fish as a nutritious food commodity in both the developed and developing world bodes well for the aquaculture feed ingredients market.
A growing global population will double demand for food and increase protein intake. This coupled with technological advancements that contribute substantially to aquaculture production will help the sector to meet the ever-growing demand for safe and quality products.
New analysis from Frost & Sullivan Aquaculture Feed Ingredients Market—Global Outlook and Trends, finds that the market earned revenues of over $28.54 billion in 2011 and estimates this to reach $53.65 billion in 2018. The study covers four aquaculture feed ingredients: marine raw materials, vegetable raw materials, rendered meats, and feed additives.
"Higher incomes and the rise of the middle class in developing countries, especially in India, Indonesia, and China, have hiked spending on fish and fish products," said Frost & Sullivan Industry Analyst Anjaneya Reddy. "This, in turn, boosts the need for aquaculture feed ingredients."
Research and development to understand the nutritional and functional needs of various types of fish have helped aquaculture feed manufacturers to formulate effective feeds at optimised costs. Companies also market and communicate the benefits of ingredients to various farming entities, leading to market expansion.
Nevertheless, safety and quality of aquaculture feeds remain a concern, particularly in small-scale fisheries, which employ around 90 percent of the world's fishery farmers. These small businesses lack access to capital, technology, and best management practices, and it is important that government or lending organizations provide them with feed resources to ensure safe and standard aquaculture production.
The aquaculture industry must adopt the participatory approach to maintain the ecosystem's balance as a precaution for future growth. Market participants need to assess the impact of global warming on freshwater and marine resources, as water temperature affects the growth of aquaculture species and the consumption of feed. Taking into consideration key ecological components will increase aquaculture production capacity and add to feed ingredient growth.
The increasing prices of fishmeal and fish oil, which are major ingredients in animal feed, also curb market growth. Feed ingredient manufacturers are looking for alternate sources of proteins and lipids that are competitively-priced, serve nutritional requirements, and do not harm fish populations or the ecosystem.
"The use of natural ingredients, such as enzymes in aquaculture feed ingredients reduces greenhouse gas emissions," concluded Reddy. "Manufacturers must educate farmers on the benefits of these natural feed ingredients to drive revenues."
To comment, login here
Or register to be able to comment.